[M&A] Komehyo Holdings to Fully Acquire GarageBank, Operator of Asset Management App 'cashari'

Komehyo Holdings Co., Ltd. (Headquarters: Nagoya, Aichi Prefecture; President and CEO: Takuo Ishihara; hereinafter 'the Company'), a leading company in brand resale, has resolved to acquire all shares of GarageBank Co., Ltd. (Headquarters: Minato Ward, Tokyo; Representative Director: Yoshihito Yamamoto; hereinafter 'GarageBank'), operator of the physical asset management and utilization app 'cashari' (URL: https://cashari.jp/), and make it a wholly-owned subsidiary. GarageBank is scheduled to become part of the Company's group as of July 29, 2026.

Background of Full Subsidiary Acquisition

The domestic resale market continues to grow steadily and is projected to reach 4 trillion yen by 2030 (※1). Behind this market expansion are significant shifts in consumer behavior, driven by rising prices, declining real wages, and increasing awareness of sustainability. As more consumers wisely choose secondhand goods over new ones, resale value-conscious purchasing—such as 'buying items with the intention of selling them later'—has become widespread, particularly among approximately 80% of people in their 20s (※2). This has led to a growing demand for accurately understanding the value of one’s possessions.

GarageBank's app 'cashari' allows users to instantly appraise a wide range of items—including smartphones, gaming consoles, branded goods, and automobiles—simply by taking photos with a smartphone. Additionally, it offers a 'leaseback' service (※3), enabling users to monetize their assets without giving them up, thus providing a new option in the resale ecosystem. The company’s service, praised for its exceptional convenience, is highly regarded for effectively meeting the needs of the expanding younger demographic.

For the Company, the decisive factor in this acquisition was not only gaining a service platform that meets the needs of younger consumers but also acquiring GarageBank’s proprietary technology—such as image-based appraisal and credit assessment—built on a user base of over 400,000.

(※1) Reuse Economic News 'Reuse Market Data Book 2025' (※2) Komehyo Co., Ltd. 'Survey on Actual Use of Resale' published June 25, 2026 (※3) Leaseback refers to a service where users sell their physical assets via the app to receive cash, then continue using the items by paying a monthly leasing fee.

Synergy and Future Outlook from the Integration of Both Companies’ Strengths

By integrating Komehyo’s decades of expertise and data in brand resale—built over 79 years—into 'cashari,' the service will expand its product categories and further enhance appraisal accuracy. Additionally, backed by Komehyo’s proven track record as Japan’s No.1 brand resale company (※1), the high reliability of the Company will create a more trustworthy environment, allowing users to utilize the service with greater peace of mind. With expanded categories and enhanced trust as core drivers, the Company expects to attract new customer segments and improve retention rates among existing users through enhanced user experience.

Furthermore, the synergies brought by GarageBank’s integration extend beyond this. The combination of Komehyo’s long-accumulated 'expertise in evaluation' and rich 'customer, product, and market data' generated from its end-to-end value chain—from procurement to product development and sales—with GarageBank’s 'proprietary technology (image appraisal, credit assessment, etc.)' will enable the creation of new businesses beyond the Company’s current scope. It will also drive further growth of existing businesses by revitalizing procurement and distribution cycles. This robust fusion between the two companies, creating what can be called 'resale tech,' will significantly contribute to increasing the group’s total gross merchandise volume (GMV).

We aim to contribute to the healthy expansion of the resale market and the realization of a circular economy by visualizing the value of physical assets and bringing to light the 'hidden assets' lying dormant in everyday life.

[Company Overview] ■ GarageBank Co., Ltd. Representative: Yoshihito Yamamoto Headquarters: 8F, Toranomon Central Building, 1-7-1 Nishishinbashi, Minato Ward, Tokyo Founded: January 2020 Business: Operation of 'cashari,' an app for managing and utilizing physical assets URL: https://www.garagebank.co.jp/

Komehyo Holdings Co., Ltd.

Representative: President and CEO Takuo Ishihara

Headquarters: 3-25-31 Ōsu, Naka Ward, Nagoya, Aichi Prefecture

Founded: May 1979

Business: Group-wide management, planning, marketing, and real estate operations

URL: https://komehyohds.com/